Former lender NuBridge acquires $1.7M foreclosed 11-unit walkup in East Harlem
NuBridge Commercial Lending through the entity Nubridge Commercial Lending REO SPV I Inc. acquired from the foreclosed former owner Vanessa Turner the 11-unit residential walkup building (C5) at 51 East 126th St. in East Harlem, Manhattan valued at $1.7 million.
The deal closed on May 8, 2023 and was recorded on June 1, 2023. The property has 3,812 square feet of built space and 3,670 square feet of additional air rights for a total buildable of 7,491 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $442 and the price per buildable square foot is $225 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Vanessa Turner foreclosed was Elaine Shay. The signatory for NuBridge Commercial Lending was Jorge L. Ramos. NuBridge Commercial Lending took title following a foreclosure, the original loan was $1.3 million from 2021. Foreclosure action was in Southern District 1:22-cv-00434-VSB.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer NuBridge Commercial Lending had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vanessa Turner had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Ameer Dirar, head officer and Vanessa Turner, officer. The business entity is 51 East 126th Street Llc. The 3,812-square-foot property generated revenue of $108,406 or $28 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 11 residential units in East Harlem has 3,812 square feet of built space and 3,670 square feet of additional air rights for a total buildable of 7,491 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 99 feet deep with a total lot size of 2,497 square feet. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $464,000.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $625 in ECB penalties, 10 housing violations, and $6,175 in OATH penalties in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of 16 of the 40 commercial properties representing 99,503 square feet of the 238,702 square feet. The largest owner is West Harlem Group Assistance, followed by Steven Barshov and then Sophie Emery.
On the tax block, there were five new building construction projects totaling 371,442 square feet. The largest is a 152-unit, 122,872 square-foot residential (R-2) building submitted by Artimus and filed by Robert Ezrapour with plans filed June 21, 2019 and permitted April 1, 2022. The second largest is a 93-unit, 107,735 square-foot residential (R-2) building submitted by Robert Kaliner with plans filed December 20, 2019 and permitted April 29, 2022.
The majority, or 50 percent of the 238,702 square feet of built space are walkup buildings, with elevator buildings next occupying 48 percent of the space.
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